KETR Local
10:24 am
Wed March 29, 2006

Commerce to borrow money for new facilities

Commerce – The City of Commerce has approved final plans to borrow an additional $500,000 for construction on the new city facilities. An additional $250,000 will also be taken from the city's general fund.

The New Commerce City Hall and Fire/Police Complex originally ran over-budget due to rising construction costs. Hurricanes Katrina and Rita also impacted the cost of construction. The City eventually locked in a guaranteed maximum price after making adjustments to building plans, but that price was more than the money available.

After some debate last year, the Commerce City Council approved borrowing $500,000 of the roughly $750,000 the project would be over-budget. The original $5 million bond package included around $4 million for the new facilities, and other money for road improvements in Commerce.